Buying a home? How to get the edge over your competition

Spring is one of the busiest times of the year for the property market and this year looks likely to be no exception.

A lot of first-home buyers are set to return to the property market this spring, enticed by incentives such as reduced stamp duty and government grants.

But while this year should prove to be easier for first-home buyers than previous years, they will still face a fair amount of buying competition.

To ensure you get the property you want, here are some tips:

Research, research, research

Knowledge is power when it comes to the property market. Research the area you want to buy in and get to know what different types of properties are selling for. “On the ground” knowledge can be invaluable so start visiting open homes and auctions to get a real feel for an area and a deeper understanding over the variations in property prices.

Be ready to make your move

Once you find a property you want to buy you need to be ready to make your move right away. There’s no need to wait until the first open home, contact the selling agent right away and try to arrange a property inspection as soon as possible. This will help give you a head start on negotiations and potentially allow you to buy a property before others get the chance.

It’s also a good idea to have pre-approval in place so you are confident in making an offer. Waiting just a few days could be all that’s needed for someone else to get in before you.

Don’t waste time on lowball offers

While everyone likes to find a bargain, offering too low could put you offside with a seller and they may not be willing to negotiate with you further, particularly if there are already other offers on the table.

It’s best to put your best offer forward if you want the best guarantee of securing the property you want.

As mentioned previously, you need to know your market and what properties are selling for, otherwise you’re likely to spend a long time in the market trying to get your offers accepted.

The longer it takes you to buy, the higher the chance that prices will rise around you and you might find yourself in a situation where you missed out on the real bargains because you didn’t make more serious offers to start with.

Make an offer that’s hard to refuse

There are a lot of factors at play when it comes to selling a home and price isn’t always the biggest issue for sellers. In many cases, a seller will go with the offer they see as the lowest risk because they want a quick and fuss-free sale. This means that a contract without finance or inspection clauses will often be more attractive than those with them.

Sellers may also be looking for a long or short settlement so it’s worth asking the selling agent if one or the other will make an offer more attractive.

Overall, be patient and be ready to make a strong and confident offer when the right property comes along and you’ll have the best chance of securing it.

Looking to buy in Fairfield? Feel free to get in touch with the Professionals Fairfield team for further advice.

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